EFCC Warns Nigerians Against Naira Abuse, Declares Spraying and Stamping Illegal.

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Nigerians to stop abusing the naira, emphasizing that practices such as spraying, stamping, and mutilating the national currency are not cultural traditions but punishable offences under the law.

Speaking during a stakeholders’ sensitisation programme in Lagos on Friday, Olukoyede described the naira as “a symbol of our sovereignty” and expressed deep concern over its continued abuse, especially at social events where such acts are commonly observed.

“Nobody who works hard to earn money will go out and start throwing their hard-earned salary in the air,” he said, stressing that these acts are illegal and economically damaging.

Mr. Olukoyede disclosed that the EFCC has intensified efforts to clamp down on unlicensed foreign exchange dealers and those involved in naira abuse. The commission is collaborating closely with the Central Bank of Nigeria (CBN) and has established a dedicated task force on Dollarisation and Naira Abuse.

“There is nothing cultural about destroying our national currency,” Olukoyede stated firmly, countering claims that spraying money is a Nigerian tradition.

Addressing criticisms that the EFCC should prioritize “high-profile crimes,” he insisted that all violations of the law are taken seriously. “An offence is an offence. Ignorance of the law is never an excuse. Some celebrities already facing prosecution can attest to the weight of the law,” he added.

Under his leadership, the EFCC has adopted a more strategic approach that balances enforcement with economic recovery and support for legitimate businesses. Unlike in the past, companies under investigation are no longer summarily shut down, with operational protocols now designed to protect jobs and investments.

Olukoyede also revealed that over ₦100 billion recovered from proceeds of crime has been redirected to fund key social intervention programmes under the Tinubu administration, including the Nigerian Education Loan Fund and the CrediCorp consumer credit scheme.